FRANKFURT--Germany's Allianz SE (ALV.XE) said Tuesday it has reached an agreement with Belgium's Mensura CCA to acquire the insurance activities of Mensura CCA and its subsidiary Mensura Assurances SA.

Most of Mensura's approximately 160 employees will switch to the new owner, said an Allianz spokesman.

Mensura CCA specializes in worker's accident insurance. Its premium income reached 136 million euros in 2011.

-Write to Friedrich Geiger at friedrich.geiger@dowjones.com